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We’ve seen some of the keys to teaching our kids about money:

  • Letting them see our mistakes
  • Giving them experience with money of their own
  • Communicating and modeling stewardship principles

When our children hit major milestones – like college, moving out, and marriage – the effort we’ve taken to disciple them in stewardship really begins to pay off. But how do we approach these milestones? How can we continue to create in our children an increasing sense of confidence and independence while helping them to make wise decisions at these critical junctures?

At these milestones, our children will begin making some very consequential financial decisions: taking out educational loans (and the question of how to approach college); living on their own and paying their own bills; integrating their life with a special someone who may not have had the same financial training and background. Decisions made in this stage will impact the remainder of their lives.

These watershed moments can be times of huge relational and financial stress; or they can be times of real relational growth, as we begin to relate to our children as adults (or they can be a bit of both!). One key to success is clear communication about expectations. What do they expect – and what do we expect – when it comes to paying for college? When it comes to their transitioning out of our home? When it comes to supporting their wedding and early marriage years?

In this final installment of our 3-part series on teaching kids about money, host James Lenhoff discusses these landmark events and decisions and provides tips on navigating meaningful conversations with our children.